Top Analyst Identifies 3 Favorable Zones to Go Long on Bitcoin Price

Analyst Castillo Trading identifies key Bitcoin entry zones, highlighting levels for potential long positions ahead of a projected correction. Bitcoin has seen notable volatility recently, dipping below $80,000 multiple times last week before rebounding to a peak of $86,000. Meanwhile, it is now trading around $84,295, up 0.53% on the day and 3.41% over the week. Notably, Bitcoin’s recent volatility has brought several critical resistance levels into focus. According to a chart shared by analyst Castillo Trading, several Naked Point of Control (nPOC) levels act as potential price barriers for Bitcoin's uptrend. These nPOC zones represent significant areas of historical volume and price interest, where reversals or consolidations often occur. The key levels include $107,877, $104,802, $98,407, and $95,756. Each is acting as a potential resistance zone where price action could reverse if Bitcoin moves upward.

For context, an nPOC is a high-volume price level from a prior session that hasn’t been revisited in subsequent days. Like price gaps, nPOCs are often eventually tested and tend to act like magnets, drawing the price back to them. Long Entry Zones for Bitcoin In the analysis, Castillo Trading highlighted key entry zones where he considers long positions. The analyst suggests that the most favorable entry points lie between the $82,000 and $75,000 price range. He also identifies areas around $82,000, $76,949, and $74,265.  Notably, the analyst has chosen these levels based on nPOC, as they can offer support if Bitcoin sees a price correction. Essentially, he is expecting a major rebound for BTC after a correction by setting long positions from those points. Large Holder Behavior and Staking Developments Meanwhile, an analysis by IntoTheBlock reveals a decline in large holder inflows, which supports the bearish sentiment in the short term. Specifically, large holders’ inflows have decreased by 29.05% over the past week. This suggests that the larger market players are less active.

On the other hand, over the past month, large holder inflows have surged by 465%, reflecting a significant increase in Bitcoin accumulation during this period. Over the past 90 days, the trend has also been positive, with a 108% increase in large holder inflows. Adding to the recent market dynamics, $1.26 billion worth of Bitcoin (14,929 BTC) was recently unstaked from the Babylon decentralized staking platform. The event coincided with a brief price dip from $85,164 to $83,500, highlighting the impact of large-scale transactions on Bitcoin’s price.